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Very revealing. I believe in the conservation of value. In the end there are losers of value and those that made off with real value. This article explains the
by mberrow 18y ago
Very revealing. I believe in the conservation of value.
In the end there are losers of value and those that made off with real value. This article explains the convoluted pipes and flywheels through which the most massive theft of value in history was performed.
Now if someone (or some article) can explain what the deal is with the black hole that is AIG and why they are so special to get such huge transfusions of capital (and Lehman didn't), I would really appreciate it.
- ksvs 18y agoI believe in the conservation of value. You don't think it's possible to create wealth? Or do you just mean that it is conserved within the finance industry?
- mberrow 18y agoNot by pushing paper around. If you make something concrete, yes. If some creates a brilliant new patent or technique, yes. But purely paper financial maneuvers like CDO's and short selling etc. do not create real value in the aggregate.
- deleted 18y ago[deleted]